Prosperity – Mortgage Protection Insurance Review (2024)

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Prosperity Life Group believes a person’s future can develop into something amazing with the right guidance. The company wishes to provide this guidance, doing so through a variety of techniques. It remains focused on the long term, believing its employees, products, and services can create sustainable returns not only for its customers but for communities. Prosperity Life Group remains committed to doing the right thing for its employees, shareholders and costumes. Outcomes are of great importance, and the company believes how it achieves its goals is as important as achieving them. It actively seeks diverse views and perspectives, as the company wants everyone to have a feeling of inclusion.

Does Prosperity Offer Mortgage Protection Insurance?

A homeowner may worry about how loved ones will pay the mortgage if they cannot do so. Serving as a specific type of life insurance coverage, this policy pays the balance of the mortgage when the policyholder passes away. Certain policies may also pay all or part of the policyholder’s mortgage payments if they become disabled.

An insurance company provides this coverage and typically won’t turn an applicant away if they have health issues. Nevertheless, the policy only pays the principal and interest of the loan. Loved ones remain responsible for any insurance and tax payments that are required of the owner.

Prosperity Mortgage Protection Insurance Cost

Many factors influence the cost of mortgage protection insurance. One of the biggest factors is the amount the homeowner owes on their mortgage. The larger the mortgage balance, the higher the premium will be.

An insurer also considers the location of the home and whether the policyholder smokes. Older mortgage holders pay more for mortgage protection insurance, as the insurer takes on a higher risk because of their advanced age. The same holds when a person has health issues. An insurer takes on more risk because the odds it must pay out on this policy are higher.

They also charge men a higher rate, as they are more likely to engage in risky behaviors that could lead to the insurer being required to make a payout. Finally, if the mortgage holder adds riders to the policy, the rate goes up.

Riders for Prosperity Mortgage Life Insurance

When a person purchases mortgage protection insurance, they receive the option of adding riders to the policy. Each rider benefits the policyholder, and the individual determines which benefits are of most importance to them. This individual may choose riders that alter the payout terms of the policy.

For example, they may choose a disability or unemployment rider. A disability rider ensures the policyholder’s mortgage payments are made if they become disabled and cannot make their mortgage payments. A person who works in a high-risk industry or someone who has a family history of medical conditions that result in disabilities might choose this rider.

Any individual with a job would benefit from an unemployment rider. If they lose their job for reasons beyond their control, the unemployment rider would make their mortgage payments for a predetermined period. However, this rider only pays out for a short period, giving the policyholder time to find a new job.

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